Petronas

PETRONAS

Malaysia is just at the start of an oil boom, on the back of the promising outlook for the exploration and production (E&P) industry.

Developments in Deepwater O&G Projects

The country’s deepwater projects will assume a prominent role in providing new growth opportunities in Malaysia and are expected to produce about 250,000 bpd of new oil by 2010. All in, nine deepwater fields have been identified for commercial operations from 2007 to 2013.

In November 2010 Malaysia’s national oil corporation Petroliam Nasional Bhd (PETRONAS) announced its intention to encourage the exploration and extraction of oil from marginal fields within the Malaysian basin on a Concessionary Fiscal System wherein Petronas retains ownership of extracted petroleum resources within the framework of Risk Service Contracts (RSC), incentivised by tax cuts from 38 per cent to 25 per cent for marginal field development.  The Malaysian Government has also waived the export duty on oil produced and exported from marginal fields.

PETRONAS E&P Business Quick Facts

  • Malaysia’s hydrocarbon reserves stand at 20.56 billion barrels of oil equivalent (boe) with an average production of 1.63 million boe per day.
  • PETRONAS’ total hydrocarbon reserves stand at 27.12 billion boe with an average production of 1.1 million boe per day.
  • International reserves in Africa, Southeast Asia, the Middle East and Central Asia stand at 6.56 billion boe, comprising nearly a quarter of PETRONAS’ total reserves.
  • PETRONAS achieved a Reserves Replacement Ratio of 1.1 times in Malaysia and 4.1 times internationally, comparable with the industry average.
  • Malaysia’s first deepwater field, Kikeh, employing the first Truss Spar floating production unit outside the Gulf of Mexico came onstream in August 2007. The project achieved world-class performance with only five years elapsing between discovery and production.

Malaysia’s hydrocarbon reserves stand at 20.56 billion barrels of oil equivalent (boe) with an average production of 1.63 million boe per day.

PETRONAS’ total hydrocarbon reserves stand at 27.12 billion boe with an average production of 1.1 million boe per day.

International reserves in Africa, Southeast Asia, the Middle East and Central Asia stand at 6.56 billion boe, comprising nearly a quarter of PETRONAS’ total reserves.

PETRONAS achieved a Reserves Replacement Ratio of 1.1 times in Malaysia and 4.1 times internationally, comparable with the industry average.

Malaysia’s first deepwater field, Kikeh, employing the first Truss Spar floating production unit outside the Gulf of Mexico came onstream in August 2007. The project achieved world-class performance with only five years elapsing between discovery and production.